We love a good DIY project, but don’t hurt your selling potential by making a home “improvement” that could actually lower your home value. It seems counterintuitive, you’d think making improvements or renovations is the most straightforward way to increase the value of your home. But, it’s easy to get carried away without fully considering the repercussions.
There are two reasons why a home improvement project could negatively impact your chances of selling for top dollar. The first reason being the home improvement could actually make your home less desirable to buyers. Secondly, the project itself could cost you more than what you’d receive in return for the home.
Let’s take look at home improvements that could do more harm than good:
If you’re empty nesting or don’t have children, then it might be tempting to knock down the wall between two small rooms. But, many buyers are looking for a place with more bedrooms to raise a family. Turning two smaller rooms into one large room may sound appealing, but is it a good idea? At the end of the day, bedroom count is as important as square footage. A 3 bedroom home will almost always sell for more than a 2 bedroom.
Bright Paint Colors
Paint is often the first impression of a home. Paint selection can make a room look larger, brighter, and it can even affect mood. There are multiple reasons why bright paint colors are a no-go if you’re planning on selling. Choosing a bright or bold color might make it difficult for potential buyers to envision themselves living in that space. Additionally, neutral colors are more likely to stay in style longer. Lastly, buyers won’t want to spend the time or money re-painting even though it’s a relatively simple project.
Turning a Room into a Closet
Who doesn’t enjoy a luxurious walk-in closet? Yes, closet space does add value to a home but not at the expense of a bedroom. In most cases, a home’s value can go up $30,000 – $50,000 per room. So before you go full MTV Cribs, think about how much that closet will cost you in the end.
Adding a swimming pool to your home is a double-edged sword. There are certain situations where a pool can boost the value of your home, but it might not be worth the cost of maintenance. If you live in a warmer climate, or you live in a neighborhood where pools are the norm then investing in a pool could add value to your home.
Texturing Walls or Ceilings
There’s a reason why luxury homes have smooth surfaces. Removing that outdated popcorn texture from your walls and ceiling will immediately increase the value of your home by making it more appealing to buyers. Textured ceilings are hard to clean and difficult to remove. Believe it or not, “How to Remove Popcorn Ceilings” is a top home renovation Google search.
Carpet is not as popular as it once was. In fact, many home buyers are turned off by wall-to-wall carpeting because it’s known to harbor bacteria and allergens. It’s nice to have soft carpet in some areas of a home, but it’s not recommended in formal rooms or entryways. Adding hardwood floors to your home is likely to increase its value and attract potential buyers.
If you’re planning a home improvement, don’t forget to consider whether or not it will diminish the value of your home. Even though we’re still in a seller’s market, some projects can keep you from getting top dollar for your home.
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